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Obamanomics: More Mediocre Job Growth

The economy added 155,000 jobs last month, about the amount needed to keep pace with population growth and too few to bring down the unemployment rate, which was revised upward to 7.8 percent in November and pegged at the same level for December.

What does this mean? Four years into the Obama presidency, the economy is not producing enough jobs to even come close to gaining back the millions that have been lost since 2008.

Welcome to the new normal: crummy GDP growth, and high unemployment.

And in the short term, it’s more likely to get worse than better. You, for example, will be spending a bit less since your taxes just went up : As of New Year’s, the Social Security rate returned to 6.2 percent from 4.2 percent.

And gosh, those rich people whose rates rose to 39.6 percent might just decide to cancel their daughter’s piano lessons. That is, they’ll be participating a little less in the economy too. Believe it or not, Mr. President, they have a lot of money, but not unlimited money.

If President Obama gets his way, more tax increases are coming. And spending cuts needed to avoid Fiscal Cliff Part 2 in a couple of months will also take a morsel out of economic growth.

It’s hard to keep the American entrepreneurial spirit down, but this president is succeeding where all since Jimmy Carter have failed.

I hate that expression too, but I think it is not intended just for the next four years but for a very long term, maybe forever. As the SwedishLady wrote me here, it has taken Sweden decades to come out of the welfare state of the 70s. “New normal” implies that long-term, wide-spread unemployment is here to stay. Frankly, if we don’t bring back a production economy, we’re doomed, and even if four years from now, there is a turn of the wheel, it will take a long, long time to reestablish manufacturing jobs.

If he wants to redistribute and is always boohooing over kids like his–stay home, let the servants wait on you, and give the money to little kids with cancer or something. I understand for the Inauguration (sorry to bring THAT up), there will be an emphasis on service–by everyone but him, of course.

And I’d say most of those 155,000 jobs were temp holiday staff….we’ll probably see the unemployment rate go up the next couple of months if they don’t fudge the numbers….the election is over so I’m betting the numbers will be closer to the truth (if that’s possible).

I am mulling dropping my DO THE HOPEY COPEY blog of four years. It’s on how to stay alive with no money. The job interview advice, house sale advice, govt advice is getting repetitive, although I do try to add new snark. But I guess we still need it and always will. http://hopeycopey.blogspot.com.

I was given the heave ho the day after Christmas from my awful job at a department store. Sales compared to last December were down twenty percent, so no chance of keeping me on. I hated it anyway, but the extra cash did help a bit.

Thak you Granny, but not to worry we are fine. Hubby has a wonderful job, we pretty much banked the money for surprises. Has been a humbling endevor, so many count on those lousy jobs just to stay afloat. I am blessed,

Moe, I hear ya! I was allowed to keep my job of 10 years, but the new boss decided he didn’t like me that much so he cut my pay by 10%. now, thanks to Obama and the gang in DC, that becomes 12%.

again, to all you “conservatives” out there who sat on your butts on Election Day and didn’t vote for Romney because he wasn’t conservative enough/was a Mormon/used to be pro-choice…wah wah wah: the once-proud United States of America would like to thank you for your part in its demise.

Since Obama took office in Jan. 2009, 2M jobs have been lost in the 16-55 age group; but offset by a staggering 4M jobs in the 55-69 age group! Haven’t heard one economist or tv pundit refer to these stats. If this is the new ‘norm’, we’re in a heap of trouble.

Acc to the NPR story, govt jobs were also down, I think, 13,000…depending on my memory, which is never pretty. Anyhow, has anyone said lately that the economy still SUCKS and BLOWS? One of my two clients is in England–I get paid in quid. I know–the WH does not give a flip–we are on our own…

I’ve read many employers have been turned down by applicants because they can’t pay a higher wage than the person is receiving on government benefits. Those few who are hired tend to be older workers because they still have work ethics, which can’t be said for much of today’s youth.

I am in that group. Lost my healthcare job in 2010. I been have unemployed for two years now. I have not taken one dime of unemployment, or any tax payer money, Lost my home and family, I survive only by Charity of the Church. I have lost hope of finding a job again. Thank you Obama and your Sheeple for wrecking millions of lives.

Speaking of Media-ocre (notice the subtle play on words) I’ve only read in a few places about the two “Al’s” …Gore and Jeezera. Time Warner will not carry “current tv” or any manifestation of it. They deserve a round of applause for their decision. Time to pressure the other cable providers to do likewise.

I’ve been listening to the fiscal cliff talk for months and kept talking to my husband about what I thought the Republicans should do or not do. It was all just theory and conjecture until I read this article. I’ve been out of the news loop for a while because of the holidays but just sat down to do the bills. I took a calculator to the tax and SS increase and my jaw dropped. How will people, especially those living hand to mouth, be able to make do with less?

Even if my husband does get a raise this year-which is iffy because of the economy- we will only break even at best and still have to pay more for everything.